Netcapital (NCPL) S-1/A IPO registration (amended)

Exhibit 21.1

LIST OF SUBSIDIARIES

As of the date of this Registration Statement on Form S-1, Netcapital Inc. has the following subsidiaries:

1. Netcapital Advisors Inc.

2. AthenaSoft Inc.

3. MSG Development Corp.

4. Netcapital Systems LLC

5. Netcapital Funding Portal Inc. (a wholly owned subsidiary of Netcapital Systems LLC)